• The US Department of Justice is reportedly investigating Binance for suspected violations of sanctions against Russia.
• Investigations are ongoing to determine whether Binance or any related officials had violated the sanctions.
• Binance claims that they have strict KYC procedures in place and a zero-tolerance stance on anonymous identities and funding sources.
US DoJ Investigating Binance
The United States Department of Justice (DoJ) has launched an investigation into cryptocurrency exchange, Binance, over accusations of violating sanctions against Russia. Sources claim that the National Security Division of the DoJ is looking into potential breaches involving money laundering and terrorism funding.
Binance’s Compliance Procedures
Binance has stated that it does not violate financial sanctions imposed by the US or other countries, and that it follows stringent compliance procedures which include thorough know-your-customer (KYC) checks on customers’ legal identity from their resident country as well as a ban on duplicate registrations and anonymous identities.
Israel Seizes 190 Accounts
Furthermore, authorities such as Israel’s National Bureau for Counter Terror Financing (NBCTF) have been monitoring crypto exchanges more closely to ensure adherence to laws against money laundering and terrorism funding. As a result, 190 Binance accounts were seized recently due to suspicions of being affiliated with terrorists.
Previous Allegations Against Binance
This isn’t the first time Binance has been under scrutiny by law enforcement agencies; earlier allegations suggested that the platform had been used to bypass Iranian sanctions before their compliance measures were implemented.
DoJ Has Not Commented Yet
The DoJ has yet to comment on the inquiry but investigations are still ongoing in order to determine if there have been any violations relating to Russia’s invasion of Ukraine through Binance or its related officials.